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Income Tax Exemption under Section 10(15)(iid) of Income Tax Act, 1961

 

Eligible Assessee

Individual non-resident Indian

 

Nature of Income

Interest on notified Bonds

 

 

 

Amount Exempt

Entire amount

 

Conditions laid down for Tax Exemption

  1. Person receiving such bonds as nominee, or survivor or gift from such NRI is also entitled to benefit under this clause.

  2. The NRI should invest in the bond in Foreign exchange and on maturity the amount shall not be entitled to be repatriated

  3. Benefit would not be withdrawn if the NRI becomes resident of India.

  4. Where the bond is encashed before maturity exemption would not be allowed for said previous year Govt. shall not notify any such bonds after 1-6-2002.

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